Neodymium Iron Boron Market Size, Share, Growth, and Industry Analysis, By Type (Sintered Nd-Fe-B Magnet, Bonded Nd-Fe-B Magnets, Hot Pressed NdFeB Magnets), By Application (Computer, Electronic Industry, Office Automation Equipment, Auto Industry, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

neodymium iron boron market Report Overview

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The global neodymium iron boron market size was USD 7933.6 million in 2022. As per our research, the market is expected to reach USD 11000 million in 2028, exhibiting a CAGR of 5.6% during the forecast period.

Neodymium Iron Boron (NdFeB) is a type of rare-earth magnet that is made of neodymium, iron, and boron. These magnets are known for their exceptional strength and are the strongest type of permanent magnet available. They were first developed in the 1980s and have since become an essential component in a wide range of high-tech applications. NdFeB magnets are made by melting and mixing the raw materials in a furnace, then cooling and solidifying the material into a crystalline structure. The resulting magnet has a high magnetic field strength and can produce a strong magnetic field even with a relatively small size.

NdFeB magnets are widely used in various industries, including electronics, automotive, renewable energy, and medical devices. They are used in electric motors, generators, speakers, MRI machines, and wind turbines, among many other applications. NdFeB magnets are also used in consumer electronics such as smartphones, laptops, and headphones. One of the key advantages of NdFeB magnets is their high strength-to-weight ratio, which makes them ideal for use in applications where size and weight are critical factors. However, they are also relatively brittle and can be prone to chipping or cracking, which can affect their magnetic properties.

Overall, NdFeB magnets are a critical component in many high-tech applications due to their exceptional strength and unique magnetic properties.

COVID-19 Impact: Pandemic decreased the Market Demand

The COVID-19 pandemic has had a significant impact on the global economy and the demand for NdFeB magnets. The pandemic disrupted global supply chains and led to a slowdown in manufacturing activities, particularly in the automotive and electronics industries, which are major consumers of NdFeB magnets. The closure of factories and reduced demand for products led to a decline in the demand for NdFeB magnets, which, in turn, led to a decrease in the prices of the material. Additionally, the pandemic has led to an increase in the cost of raw materials and transportation, which has further impacted the production costs of NdFeB magnets.

Latest Trends

"Increasing demand for electric vehicle to Fuel Market Growth."

The growing demand for electric vehicles (EVs) is expected to drive the demand for NdFeB magnets, which are used in the motors and generators of EVs. The transition to electric vehicles is expected to be a significant driver of growth for the NdFeB market in the coming years. NdFeB magnets are used in wind turbines, and the growing demand for wind energy is expected to drive the demand for NdFeB magnets. The increasing focus on renewable energy sources, such as wind power, is expected to fuel the growth of the NdFeB market.

neodymium iron boron market Segmentation

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• By Type Analysis

According to type, the market can be segmented into, Sintered Nd-Fe-B Magnet, Bonded Nd-Fe-B Magnets, Hot Pressed NdFeB Magnets.

• By Application Analysis

Based on application, the market can be divided into, computer, electronic industry, office automation equipment, auto industry, others.

Driving Factors

"Development of New Applications and Increasing Competition to Stimulate Market Demand"

Research and development efforts are ongoing to explore new applications for NdFeB magnets. For example, they are being tested in biomedical applications, such as drug delivery systems and medical imaging. The development of new applications for NdFeB magnets is expected to create new growth opportunities for the market. The NdFeB market is highly competitive, with many players competing for market share. However, consolidation is also occurring in the market, with larger players acquiring smaller companies to expand their market presence and capabilities. These factors are driving the Neodymium Iron Boron market growth rapidly.

"Wide Applications of the Equipment to Surge Market Growth"

NdFeB magnets are widely used in various industries, including electronics, automotive, renewable energy, and medical devices. They are used in electric motors, generators, speakers, MRI machines, and wind turbines, among many other applications. NdFeB magnets are also used in consumer electronics such as smartphones, laptops, and headphones. One of the key advantages of NdFeB magnets is their high strength-to-weight ratio, which makes them ideal for use in applications where size and weight are critical factors. However, they are also relatively brittle and can be prone to chipping or cracking, which can affect their magnetic properties.

Restraining Factors

"Dependence on rare earth elements to restrict the market growth"

NdFeB magnets are made from rare earth elements, which are limited in supply and are primarily sourced from China. This dependence on a single source for rare earth elements can create supply chain risks and price volatility. The production process for NdFeB magnets involves high energy consumption, and the raw materials used are expensive. This can make the production of NdFeB magnets costly, which can be a limiting factor for their adoption in certain applications.

neodymium iron boron market Regional Insights

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"Strong demand in automotive and electronics industries in North America has boosted the Neodymium Iron Boron Market share"

Strong demand in automotive and electronics industries: The automotive and electronics industries are the primary consumers of NdFeB magnets in North America. The growing demand for electric and hybrid vehicles, as well as the increasing adoption of electronic devices, is expected to drive the growth of the NdFeB market in the region. This increasing Neodymium Iron Boron market share in the region.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Hitachi Metals
• Shin-Etsu
• TDK
• VAC
• Zhong Ke San Huan
• Yunsheng Company
• YSM
• JL MAG
• ZHmag
• BJM
• AT&M
• NBJJ
• Innuovo Magnetics
• SGM
• Galaxy Magnetic
• Zhongyuan Magnetic
• Earth- Panda
• Magsuper

Report Coverage

This report examines an understanding of the Neodymium Iron Boron market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.